Cairo – Mubasher: Egypt’s Ministry of Finance (MOF) is targeting foreign direct investments (FDI) worth $10 billion this year, finance minister Amr El-Garhy revealed.
The MOF also aims to annually reduce the budget deficit by 1% to 1.5% to reach a deficit of 4% to 5% by 2022, El-Garhy added.
Cutting Egypt's deficit and debt will provide the country with more investment sources and will raise the private sector’s growth rates, the minister highlighted in a statement.
The ministry is currently reviewing issuing dollar-denominated Eurobonds in 2018 as an alternative source of funding, he stressed.
El-Garhy indicated during his meeting with Standard Bank Group’s investors in Washington that Egypt’s inflation rate is likely to decline within the coming months.
On 3 October, the minister had announced that the country’s budget deficit fell to 10.9% from 12.5% in fiscal year 2016/2017.
Egypt is aiming at cutting its budget deficit to reach 3% to 3.5% by 2022.
